Rivian seeks $80B valuation in confidential IPO filing

Rivian has filed for its Initial Public Offering (IPO) with the SEC confidentially and is seeking an initial valuation of $80 billion, according to reports.

Rivian, an electric car company headed by founder and CEO RJ Scaringe, is set to deliver its first vehicles in September. Ahead of the first deliveries of the R1T, Rivian has confidentially filed for its IPO, according to Bloomberg. Sources also stated that Rivian would seek an $80 billion valuation, which would make it the sixth-most valuable car company in the world, displacing General Motors with a valuation of $72.22 billion. Daimler is fifth with an $89.76 billion valuation.

Rivian Automotive’s Normal, IL factory. (Photo: Rivian)

Previously, Rivian sought out a $70 billion valuation with its IPO. In May, the company was reported to target this figure instead of the updated $80 billion number that is presently being discussed. In comparison, Tesla’s short-lived attempt to go private in 2018, which resulted in a feud between CEO Elon Musk and the SEC, would have given Tesla a $71 billion valuation with Musk’s targeted $420 share price.

The automaker filed an S-1 form under the radar last week with the SEC, according to sources familiar with the matter. The company expects the offering to be available around Thanksgiving, but timing ultimately depends on SEC approval. The filing is still not published based on the SEC’s EDGAR system filings, which show Rivian’s last interaction with the SEC was in 2012 when it filed a Form D, a notice of exempt offerings of securities.

Rivian R1T in Blue (Credit: Rivian)

Rivian is backed by several high-profile companies, including e-commerce giant Amazon, legacy automaker Ford, and Cox Automotive. The company has raised $10.5 billion from its investors since welcoming private investments for the first time in 2019. Rivian has had multiple billion-dollar funding rounds, with the first taking place in 2020. The company recently rounded up another funding round that was capped with $2.5 billion in private investments.

Rivian will be the first company to bring an all-electric pickup truck to the market when it begins deliveries next month. The company will have plenty of competition in the next few years, as Tesla will start production of the Cybertruck in early 2020, and Ford will introduce its F-150 Lightning EV pickup sometime next year. Additionally, other companies, like Nikola and Lordstown Motors, who have struggled recently with capital issues, could also bring competitive models to the market in the coming years.

Rivian is already looking for a home for its second U.S. production plant despite initial deliveries taking place next month. While the company has not finalized a location, Fort Worth, Texas, seems to be emerging as the frontrunner.

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